Story of the Day:
Following the UPND Government’s commitment to align the education sector programs and National Development plans enshrined in their manifesto to prioritize Education, Science and Skills development. Minister of Technology and Science, Felix Mutati, has tasked the Zambia Academy of Sciences to integrate concepts that will enhance the Science, technology and engineering mathematics (STEM) practicable solutions to the sector in order to push for transformation of the economy. Read more
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Finance Minister Situmbeko Musokotwane has pledged to slash the budget deficit and curb borrowing, as the government aims to agree an IMF lending programme by the end of November and a debt restructuring early next year. Presenting the 2022 budget to parliament, Finance Minister Situmbeko Musokotwane said the aim was to reduce the budget deficit from a projected 10.4% of gross domestic product (GDP) this year to no more than 6.7% next year. Read more: Lusaka Times
The government says it will implement a new comprehensive agriculture support programme commencing in the 2022/2023 farming season as the Farmer Input Support Programme has presented challenges. The programme to be implemented will be cost effective, better targeted and equitable across beneficiaries. Read more: Lusaka Times
The Zambia Chamber of says the long awaited removal of mineral royalty non deductibility is first step towards a mining-led recovery. Read more: The Independent Observer
THE cotton industry’s foreign exchange earnings can be doubled to US$98 million per annum provided the Cotton Act is revised to improve Government’s participation in the sector, the Cotton Board of Zambia has said. Currently the industry, which has about 300,000 farmers, earns US$49 million. Read more: Zambia Daily Mail
A Zambian delegation is in Ghana on a one week study tour of Ghana’s digital economy. The delegation comprises officials from the financial sector, telecommunication companies and government. Their study tour is aimed at developing an inclusive digital economy that will span across all sectors. Read more: ZNBC
International Business and Finance
Leaders of the world’s 20 major economies have approved a global agreement that will see the profits of large businesses taxed at least 15%. It follows concern that multinational companies are re-routing their profits through low tax jurisdictions. The pact was agreed by all the leaders attending the G20 summit in Rome. Read more: BBC News
Saudi Arabia’s oil giant Aramco has posted a 158% increase in third quarter net income to $30.4 billion, as the world’s largest oil companies continue to benefit from the reopening of the global economy and soaring oil and gas prices. The result beat expectations, with analysts expecting a median net income of $29.1 billion for the quarter. Aramco reported net income of $11.8 billion in the third quarter of 2020. Read more: CNBC
Microsoft passed Apple in market cap on Friday, making it the world’s most valuable publicly traded company, after Apple missed earnings expectations on Thursday. Microsoft had a market cap of nearly $2.49 trillion at market close, while Apple’s stood at about $2.46 trillion. Read more: CNBC
US President Joe Biden and European Commission head Ursula von der Leyen on Sunday saluted what they called a “new era” in the transatlantic relationship with an agreement reached in Rome to lift steel and aluminum tariffs. Read more: Yahoo Finance
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In 63 trades recorded on Friday, 5,734 shares were transacted resulting in a turnover of K6,316.81. Trading activity was recorded in Airtel, British American Tobacco Zambia, CEC Africa, National Breweries, Investrust, Zanaco and ZAFFICO. The LuSE All Share Index (LASI) closed at 4,903.53 with a percentage change of 1.55%.
Chart of the Day: